StockMarketWire.com - Wigan-based sports retailer JJB Sports said today group like for like sales for the five weeks ended 29th January fell 5.7% and the like for like cash gross margin increased by 32.1% in the same period.

Cumulative like for like sales in the second half of our financial year for the 26 weeks ended 29th January 2012 have decreased by 7.6% compared to a decrease of 17.9% in the first half (the 26 weeks ended 31st July 2011).

In the same period like for like cash gross margin increased by 0.3% compared to a decrease of 37.4% in the first half.

Cumulative like for like sales for the 52 weeks ended 29 January 2012 have fallen by 13.1% and like for like cash gross margin has decreased by 22.0%.

At 29th January 2012 net debt was £11.3m.

All figures for the year ended 29 January 2012 are unaudited.

Keith Jones, CEO, said: 'Since our Christmas trading update our like for like cash margins have continued to improve and our full year trading performance is broadly in line with our expectations in the face of an extremely challenging consumer environment.

'As we commented last month, weaker UK employment numbers and the ongoing credit squeeze on consumers create a tough environment. However, we are continuing to implement our turnaround aware of the importance of the key trading opportunities afforded by the European football championships and London Olympics.'



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